E-commerce fraud could be put to rest with the new service from Zomigo
Zumigo, a leading developer of device location and identity verification technology, has announced that it will be launching a new service that could help in the fight against e-commerce fraud. The company suggests that the service will be the first of its kind, having the ability to validate merchant payments using real-time location data from a consumer’s mobile device. Such a service could go a long way in improving the security of the e-commerce field, as well as make mobile payments more attractive to merchants.
Merchants continue to combat fraud in the digital world
Conventional payment processors can confirm payments with little issue. These processors do not protect merchants from fraudulent charges, however, especially when they come in the form of charge-backs made at a later date. In the event of fraud, merchants have typically already shipped products to their buyer. If the purchase was fraudulent, then the merchant must find some way to recover the cost of the lost product, as well as the shipping costs associated with the purchase.
New service uses real-time mobile data to verify user identity
The new service from Zumigo aims to provide a solution for this problem. The service is designed to verify a consumer’s identity through the use of mobile billing records, which are obtained through Zumigo’s partnership with Equifax. The service matches credit card information with the mobile data that is available in an attempt to confirm that the consumer is who they say they are. In the event of fraud, merchants will have the ability to pursue legal action and recover their losses because of the information that will be made available to them.
Service may help bolster faith in mobile commerce
This service could be a boon for the mobile commerce field, wherein fraud has become a serious problem. Merchants have shown interest in embracing mobile commerce, but they are wary because of the high prevalence of fraud in this sector. Zumigo believes that its new service could spur some growth in the mobile commerce field by making it safer for merchants o participate therein.
The survey shows that the growing availability of applications and services is making it easier for consumers to shop online from their mobile devices. These apps are quite popular, reaching the top of the list of items bought in the Asia Pacific region. Smartphones have also reached the top of this list, with more consumers opting to spend money on devices. These devices are being used for much more than basic communication and have become an integral part of people’s lives.